Theinvestigator news

Category: Business

  • Sterling Bank Petitions IGP Over Court Ruling Violations, Abuse of National Assembly.

    Sterling Bank Petitions IGP Over Court Ruling Violations, Abuse of National Assembly.

    Emmanuel lkpeama 

    Nigeria’s leading commercial bank, Sterling Bank Limited, has petitioned the Inspector General of Police (IGP) to address alleged fraudulent activities linked to Miden Systems Ltd and its director, Dr. Brendan Innocent Usoro.

    The action followed a series of purported attempts by Usoro to leverage political connections and law enforcement to undermine a court-mandated debt settlement.

    The Federal High Court delivered a ruling on October 18, 2021, clearly establishing Miden Systems Ltd’s liability for outstanding debts and outlining the terms for repayment.

    Despite this unequivocal judgment, Maurice Igugu, Sterling Bank’s Chief Marketing Officer, stated that Miden Systems and Dr. Usoro have engaged in a systematic campaign to evade compliance. The campaign allegedly involves misappropriation of loan funds, manipulation of corporate structures to protect assets and intimidation tactics aimed at bank officials.

    The bank expressed serious concerns regarding the misuse of the Police Force CID and the National Assembly by individuals attempting to escape their legal obligations. Allegations suggest that Dr. Usoro has exploited his political connections to obstruct justice, with claims that individuals allegedly acting on his behalf, along with the Nigerian Police, have resorted to intimidation and personal harassment of Sterling Bank’s executives.

    In a statement, Igugu condemned these actions as an affront to judicial authority and reaffirmed the bank’s resolve to hold the debtors accountable. He noted that the debtor’s actions have inflicted financial harm on the bank and its stakeholders.

    According to the statement, “On October 18, 2021, the Federal High Court issued a decisive ruling that established the debtor’s liability and mandated adherence to agreed settlement terms. Despite the unambiguous nature of this judgment and the debtor’s acknowledgment of substantial outstanding debt, Miden Systems Ltd and Dr. Usoro have engaged in a calculated campaign of non-compliance.”

    Consequently, the Bank has sought the intervention of the IGP to address these issues and ensure justice prevails.

    On December 10, 2024, through its legal counsel Kunle Ogunba, SAN, Sterling Bank submitted a detailed petition to the IGP. The document outlines serious allegations against Dr. Usoro and Miden Systems Ltd, including the diversion of loan funds for personal use, defaults on loan obligations, asset misappropriation and illegal restructuring of the company’s shareholding.

    The petition further highlighted efforts to obstruct justice through legal maneuvers and intimidation tactics against the Bank. The Bank’s petition to the IGP also underscored recent incidents of intimidation directed at its executives, allegedly orchestrated by parties acting on behalf of Dr. Usoro.

    Urging stakeholders, customers and the public to disregard unsubstantiated accusations and recognise the facts, the Bank noted that the actions of Miden Systems Ltd and Dr. Usoro is a deliberate attempt to distract from their refusal to fulfill their financial obligations.

    The statement added that deductions from Miden Systems’ account, which have been called into question, were carried out under an agreement enshrined in a consent judgment issued by the Federal High Court in Lagos.

    “This judgment, signed by representatives of both parties, confirmed the debtor’s commitment to liquidate the debt, including principal and accrued interest, as of June 10, 2021.

    “This follows some skewed narratives about a session on the issue with the House of Representatives Committee on Public Petitions on a petition from Maiden Systems Ltd, which accused the Central Bank of Nigeria (CBN), Sterling Bank, and Shell Petroleum of mismanagement and fraudulent debits linked to its account,” the bank stated.

    In a recent development, on November 20, 2024, the Federal High Court dismissed an application by Miden Systems Ltd and Dr. Usoro seeking to overturn the earlier judgment. The court’s dismissal cited abuse of process, reinforcing the validity of the original ruling and the binding nature of the settlement terms.

    Sterling Bank urged stakeholders and the public to disregard unfounded accusations from Miden Systems Ltd, framing them as distractions from their financial responsibilities. The bank maintains that deductions from Miden Systems’ accounts were executed under a legally binding consent judgment.

    While reaffirming its dedication to upholding the principles of justice, integrity, and accountability in the face of these small distractions, Sterling assured that it remains a trusted cornerstone of Nigeria’s financial sector, celebrated for its innovative solutions and unwavering commitment to sustainable development through its focus on the HEART sectors (Health, Education, Agriculture, Renewable Energy, and Transportation).

  • Fidelity Bank Supports Improved Maternal Health in Lagos.

    Fidelity Bank Supports Improved Maternal Health in Lagos.

    Emmanuel Clement 

    Leading Financial Institution, Fidelity Bank Plc, has donated maternity kits to 30 pregnant women at Mushin Primary Health Centre (PHC), Lagos.

    The donation, organized by the Great Minds Inductees Class, was made possible through the Fidelity Helping Hands Program (FHHP), a Corporate Social Responsibility (CSR) initiative by Fidelity Bank Plc aimed at promoting staff involvement in community development.

    Through the FHHP, staff across the bank’s business locations identify projects that benefit their immediate community and gather funds to implement them. The bank’s management then matches this contribution with an equivalent amount and allocates it for the chosen projects.

    Speaking at the handing over ceremony, the Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr Meksley Nwagboh, noted that, “The project was borne out of the need to support pregnant women by providing them with essential materials for a safe delivery.”

    Nwagboh noted that, “Maternal mortality remains a significant public health challenge in Nigeria, with the country accounting for a substantial proportion of global maternal deaths. In fact, a 2023 United Nations report indicate that nearly 28.5% of global maternal deaths occur in Nigeria.

    This is an alarming statistic and as a bank given to improving the welfare of our host communities, we deemed it fit to support initiatives to address this challenge in the Mushin community with this donation.”

    Appreciating the bank’s gesture, the Medical and Health Officer for Mushin Local Government Area, Dr. Kayode Odufuwa, noted that, “This intervention by Fidelity Bank will help reduce maternal mortality and encourage more women from less-privileged backgrounds to register for antenatal care.”

    “On behalf of the Chairman of Mushin LGA, Mr. Emmanuel Bamgboye, we want to express our heartfelt gratitude to Fidelity Bank for extending its donation of maternity kits to pregnant women at this center.

    We appeal for continued collaboration with the Bank to further strengthen healthcare services within the area,” he stated.

    On her part, the Apex Nurse and Deputy Director of Nursing Services in Mushin LGA, Mrs. Bolanle Odunlami, poured encomiums on Fidelity Bank for their generosity while noting that, “The donation is a much-needed relief for many mothers who are unable to afford essential delivery kits. Fidelity Bank has truly shown empathy by coming to the aid of our patients, and for that, we are extremely grateful,”.

    One of the beneficiaries, Mrs. Mary Olusanya, expressed her heartfelt appreciation for the bank’s support. “I appreciate Fidelity Bank for helping us. Many pregnant women cannot afford these kits, but this donation ensures that we can have safe deliveries and better healthcare,” she said.

    Investigator news reports that Fidelity Bank is ranked as one of the best banks in Nigeria,as it is a full-fledged customer commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom, as well as on digital banking channels.

    The bank has won multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

  • Fidelity Bank Launches “Bundles of Joy” Initiative To Support Children With Special Needs And Their Families.

    Fidelity Bank Launches “Bundles of Joy” Initiative To Support Children With Special Needs And Their Families.

    Emmanuel Clement 

    As part of its commitment to fostering inclusivity, Fidelity Bank Plc has inaugurated the Bundles of Joy programme, a groundbreaking initiative aimed at creating supportive spaces and activities for children with special needs while addressing the psychological and emotional well-being of their parents and caregivers.

    The first session of the programme was held over the weekend at a dedicated facility in Lekki, Lagos. Dr. Meksley Nwagboh, Divisional Head of Brand and Communications at Fidelity Bank, welcomed participants and emphasized the bank’s dedication to creating meaningful experiences for its customers and the communities it serves.

    Speaking at the event, Nwagboh stated, “Bundles of Joy is a vision of our Managing Director and CEO, Dr. Nneka Onyeali-Ikpe. The initiative is designed to foster an inclusive society by supporting children with special needs. During today’s session, the children will engage in a variety of educative and entertaining activities aimed at enhancing their mobility and social skills. At the same time, their parents and caregivers will participate in tailored workshops to equip them with the skills and resources they need to better care for their children.”

    This programme forms part of Fidelity Bank’s Corporate Social Responsibility (CSR) initiatives focused on health and social welfare.

    Parents and caregivers at the event expressed their gratitude for the initiative. Joy Daberechi remarked, “This is a wonderful programme. The sessions have helped me learn more about caring for my daughter, thanks to the resourceful facilitators. I deeply appreciate Fidelity Bank for creating this opportunity, even though I haven’t yet opened an account. I encourage other parents to take advantage of this initiative.”

    Another participant, Deborah Eromokhodion, added, “It’s been a heartwarming experience and has created a community of support. We’ve had insightful sessions with specialist facilitators on helping our children achieve milestones and goals. Meeting other parents and exchanging tips has been invaluable.”

    The day concluded with Fidelity Bank presenting goodie bags to the children and gifts to their parents, leaving attendees delighted and encouraged.

    Families interested in the Bundles of Joy programme can register their children online at www.fidelitybank.ng/bundlesofjoy/. During registration, parents must provide their details, their child’s name, and information about their child’s needs. Fidelity Bank will follow up to schedule special outings for the children starting in January 2025.

    Through Bundles of Joy, Fidelity Bank Plc continues to demonstrate its commitment to fostering an inclusive society and uplifting the communities it serves.

    Investigator news reports that Fidelity Bank Plc ranked as one of Nigeria’s leading financial institutions and serves over 8.3 million customers across its 251 business offices in Nigeria and the United Kingdom, as well as through its digital channels. It was also honored as Best Bank for SMEs in Nigeria at the 2023 Euromoney Awards for Excellence, and more recently, at the 2024 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, Fidelity Bank Plc was recognized as MSME Bank of the Year and Export Financing Bank of the Year.

  • Just in:Publish Your Financial Statement Online—SEC Directs Public Companies.

    Just in:Publish Your Financial Statement Online—SEC Directs Public Companies.

    Tunde Omoniyi 

    The Securities and Exchange Commission has directed all publicly listed companies to publish their financial statements on their official websites from January 2025.

    According to the Commission, the directive aims to ensure seamless public access to financial information, which is critical for making sound investment decisions.

    Investigator news reports that the circular which was issued on Thursday emphasised the importance of transparency and timely disclosure, stating that non-compliance with the directive would attract sanctions.

    The circular stated, “The Securities and Exchange Commission has observed that public companies file their periodic returns with the Commission and relevant securities exchanges without simultaneously publishing them on their websites.

    “This omission is a contravention of Rules 39 and 41 of the Commission’s Rules and Regulations.”

    On the importance of timely disclosures, the SEC stated, “The rationale for the publication of periodic returns on their websites is to provide seamless access by the public to such information, which would serve as a guide to making sound investment decisions.

    “It is also important to reiterate in this regard that timely disclosures remain a key component of shareholders’ engagement.”

    The SEC warned that “any public company that fails to comply with the requirement of the referenced rules in respect of the filing of its periodic returns with the Commission, relevant securities exchanges, and the simultaneous placement of the same on its website would be penalised as appropriate.”

    Investigator news gathered that the commission reiterated that the move is designed to enhance transparency, bolster shareholder engagement, and build investor confidence in the Nigerian capital market.

  • Polaris Bank Wins SERAS Award, Africa’s prestigious Sustainability/CSR Recognition.

    Polaris Bank Wins SERAS Award, Africa’s prestigious Sustainability/CSR Recognition.

    Emmanuel lkpeama 

     Polaris Bank over the weekend, added yet another feather to its cap by winning Sustainability, Enterprise, and Responsibility Awards (SERAS), Africa’s most renowned and prestigious Sustainability/Corporate Social Responsibility (CSR) recognition, for its consistent and impactful critical community interventions across Nigeria over the years.

    At the 18th edition of the SERAS Awards, held at the Oriental Hotel, Lekki, Lagos, recognition came the way of Polaris Bank in what the organisers described as “the Banks unwavering commitment to sustainable development and impactful community interventions across Nigeria”.

    The SERAS Awards, widely regarded as Africa’s gold standard in Sustainability and CSR, celebrates organizations that exemplify innovation, impact, and excellence in advancing sustainable development.

    The awards spotlight large corporations, SMEs, and nonprofits that champion solutions with lasting societal and environmental benefits.

    This year’s ceremony brought together an elite gathering of business leaders, global sustainability experts, policymakers, and CEOs dedicated to shaping Africa’s sustainable future.

    For Polaris Bank, the recognition reaffirmed its leadership in driving transformative change through its strategic Sustainability and CSR interventions.

    Polaris Bank’s extensive portfolio of Sustainability, ESG and CSR initiatives which earns it” “Best in Rural Population Integration” award at the SERAs, underscores its commitment to improving lives and fostering sustainable growth in rural and underserved communities.

    Over the years, the Bank has implemented critical interventions across Nigeria, ranging from providing basic infrastructure to supporting vulnerable groups. Some of its notable achievements include:
    Sponsoring the Acquisition and Planting of 2,000 economic trees across communities in Nigeria…e.g Ajingi community in Kano State.

    Donation of equipment and renovation of the Ibeju-Lekki Skill Acquisition Centre
    Installation of boreholes in key but underserved communities to provide access to clean water in rural areas.
    Delivering educational resources/essentials —including libraries, sandals, bags, uniforms, books, and pens—to over 15,000 indigent students across public secondary schools in Nigeria, ensuring their continuous education with many in remote communities.

    Providing over a decade free breast cancer screening support to some 20,000 women and retreat/experience sharing for survivors that has reduced mortality rate in Nigeria.

    Establishing hospitals, and reconstruction/rehabilitation centers for victims of sexual violence, and vocational centers for women.
    Donating ICT laboratory to IWD Skills Acquisition Center and promoting financial literacy programs in schools.
    Launching medical outreach programs and supporting Internally Displaced Persons (IDPs) through significant donations.

    These interventions have not only improved living standards, but have also stemmed rural-to-urban migration by making the communities more attractive, conducive and habitable and self-reliant.

    Investigator news gathered that Polaris Bank recently demonstrated its commitment to community resilience with the reopening of its Sagamu branch, which was destroyed during the cash crunch riots following the Naira redesign policy.

    Following appeal from stakeholders within the community, the Bank’s management approved the complete reconstruction and re-equipping of the branch .

    The reopening marked a turning point for the Sagamu community, restoring access to critical banking services and underscoring Polaris Bank’s role as a trusted partner in economic recovery.

    Speaking on the award, Polaris Bank’s Managing Director, Kayode Lawal, highlighted the Bank’s dedication to sustainability and social impact. “We thank SERAs for the recognition of our bank’s strategic intervention and consistent investment across communities on project that impact positively on the people and the environment”.

    In Polaris Bank, Kayode says, “Sustainability is not just a cliché, and it is not a destination, but a journey. Our involvement in community development projects is something borne out of our deliberate effort to impact the citizens through enhanced socio-economic interventions that reduces the impact of climate change on our environment, as it affects the economy and people at large.” he stated.

    Participants at the award ceremony leveraged the classy evening, “to connect with like-minded professionals and organizations championing sustainable business practices at an event that celebrated Africa’s sustainability leaders and reaffirmed the shared vision of driving positive, lasting change across the continent.

    As a trailblazer in Sustainability and CSR, Polaris Bank remains steadfast in its mission to uplift communities, foster economic growth, and champion innovative solutions that address pressing societal challenges.

  • LASAA Commissions New Offices To Boost Operations.

    LASAA Commissions New Offices To Boost Operations.

    L-R: The General Manager, Radio Lagos, Mr Olajide Lawal; Head of Project Coordination and Local Government Affairs, Lagos State Signage and Advertisement Agency (LASAA), Mrs. Abimbola Odunmbaku; Managing Director/CEO, LASAA, Prince Fatiu Akiolu; Permanent Secretary, Lagos State Ministry of Information and Strategy, Mr Olumide Sogunle; Director of Administration and Human Resource, Lagos Television, Mrs. Oluwatoyin Ayanbadejo; Senior Special Assistant to the Governor of Lagos State on LASAA, Hon. Kunle Dabiri; and Deputy General Manager, Operations and Innovations, Mr Gbolahan Dixon during the Agency’s commissioning of new offices (porta cabins) for operational expansion in Lagos recently

     

    LASAA Commissions New Offices To Boost Operations.

    Emmanuel lkpeama 

    The Lagos State Signage and Advertisement Agency (LASAA) has launched new porta cabin offices located in Badagry Local Government Secretariat, Ikorodu Local Government Secretariat, Lagos Television premises and LASAA warehouse.

    This initiative aims to bring the Agency closer to its many clients and improve the regulation of outdoor advertising landscape, ultimately optimizing revenue generation for the State.

    Speaking at the launching of the new offices, the Managing Director/CEO of the Agency, Prince Fatiu Akiolu said they are extensions of the Agency’s branches across the State.

    According to him, “The porta cabins launched are not just physical structures, they represent our ongoing commitment to enhancing the efficiency and effectiveness of our operations.”

    The MD explained that, with the rapid growth of our city and the increase in the formation of businesses, Lagos has become a dynamic hub for innovation and creativity, and with that comes the need for sophisticated solutions to manage our operations better to meet the rise in the display of business signs in the State.

    In his words, “Strategically situating the offices is important to the Lagos State Government for revenue optimization as it will impact positively on the development of the State, as we demonstrate our support for Mr Governor, Mr Babajide Sanwo Olu towards actualizing a much greater Lagos.”

    He further explained that, “It has become necessary for the Agency to provide these decent portal cabins for the convenience of our staff members and by extension, for our revered walk-in clients who visit to register their business signs and make relevant enquiries.”

    He averred that, “These portal cabins symbolize a major step forward in our operations at LASAA. The provisions reflect our dedication to embracing innovation and modernization to improve our service delivery.

    With these new facilities, we are not just upgrading our operational capabilities; we are also ensuring that our processes are more efficient, accessible, and transparent. Each facility is fitted with air-conditioners, computers, tables, chairs, bathrooms, and kitchens,” Prince Fatiu stated.

    Also speaking, the Deputy General Manager, Operations and Innovations of LASAA, Mr Adegbolahan Dixon made it known that it has become imperative to open new porta cabin offices to complement the existing ones as some local governments in the State do not have spaces where they can construct new office buildings.

    According to him, “We decided to approach some sister agencies with spaces within their premises to set up the porta cabin offices to reach more clients.”

    He said that, “The overriding idea is to be close to our existing and potential customers instead of them going to our head office to transact business. With these offices that are close to them, they can interface with our members of staff who will guide them on how to register and obtain permits for their business signs.”

    Dixon also revealed that the Agency has opened a good number of the offices this year which are effectively serving a purpose and that more will be opened for operational expansion next year.

    The Lagos State Signage and Advertisement Agency (LASAA) was established by the Lagos State Structures for Signage and Advertisement Agency Law, 2006 and the Amendment, thereto is responsible for regulating and controlling outdoor advertising and signage displays in Lagos State.

    In its commitment to excellence, the Agency plays a crucial role in shaping the visual landscape of Lagos through effective regulation and innovative solutions.

    You can, please, visit our website on www.lasaa.lg.gov.ng for more information

  • Fidelity Bank To Give Out N159Million ln GAIM 6 Promo.

    Fidelity Bank To Give Out N159Million ln GAIM 6 Promo.

    L – R: Mr. Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc; Mrs. Aboluwade Margaret, Zonal Coordinator, Federal Competition and Consumer Protection Council; Dr. Ken Opara, Promo Committee Chairman and Executive Director, Lagos and South West, Fidelity Bank Plc; Mrs. Oghenero Ugoji, Director, National Lottery Regulatory Commission, Lagos Zonal Office; Mr. Tanko Olaseni Mohammed, Head, Monitoring Inspection & Enforcement, Lagos State Lottery and Gaming Authority; and Ms. Damilola Oshinowo, Legal Officer, Lagos State Lottery and Gaming Authority: at the launch of the Fidelity Bank Get Alert in Millions Season 6 (GAIM 6) promo in Lagos recently.

    Emmanuel lkpeama 

    The leading financial institution, Fidelity Bank Plc, has announced that it will be giving out N159 million to lucky customers in its recently launched Get Alerts in Millions Season 6, (GAIM 6) promo.

    Speaking at the press conference to kick off the promo at the bank’s Lagos head office, Executive Director, Lagos & South-West, Fidelity Bank Plc and the Promo Committee Chairman, Dr Ken Opara, said that the aim of the promo was to build a culture of financial discipline and enable the bank’s customers improve their standard of living, achieve their goals, and secure a brighter future for themselves and their families.

    He said, “Over the years, we’ve seen firsthand how GAIM has transformed lives by helping customers pay off debts, fund their children’s education, start-up businesses, and invest in projects. These stories of the transformative power of GAIM in the lives of our customers, motivated us to raise the stakes with each new season, and I am excited to share that GAIM 6 will feature an even larger prize pool with over N159 million in cash prizes.

    “As a Bank, we remain committed to ensuring this season is bigger and better than ever. In the coming months, we will provide additional updates through roadshows and community outreaches, and we encourage you to join us in spreading the word and inviting your friends and family to be a part of this initiative.

    “While GAIM provides an opportunity to win numerous cash prizes, it is important to state that GAIM is not just about winning prizes. It’s about changing the financial fortunes of our customers, strengthening communities and contributing to the country’s economic growth. The financial advisory services we offer to our winners are an essential part of providing key insights that help our winners preserve and grow their earnings in a sustainable manner.”

    To participate in the promo, Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc said, “The customer needs to have a savings account with Fidelity Bank, and make sure that from today, that you’re putting money in that account. And once your balance is increasing, every N5000 you put in, you qualify for the basic rewards, the ones that happen quarterly, the N10,000.But for the N1 million rewards you need to have at least a minimum of 10,000 naira. Every 10,000 Naira in your account gives you a ticket. With that ticket, you stand a chance of winning N1 million naira every month. We have 10 winners emerging every month with N1 million naira each. So, for the period of nine months, that’s 90 customers getting N1 million naira each.”

    Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

    Investigator news reports that the bank has won multiple local and international awards including the Export Financing Bank of the Year and Excellence in Digital Transformation & MSME Banking at the 2024 BusinessDay Banks and Other Financial Institutions (BAFI) Awards; the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

  • Anambra  2024 Economic Summit: lnvest ln Anambra State For Your Self lnterest,Soludo Tells lnvestors.

    Anambra  2024 Economic Summit: lnvest ln Anambra State For Your Self lnterest,Soludo Tells lnvestors.

    Onyebuchi Onwuchekwa 

    Governor Chukwuma Soludo has advised investors to “invest in Anambra state for their own self-interest.”

    He made this known while addressing attendees at the Anambra 2024 Economic Summit held at the International Conference Centre in Awka, the state capital, on Thursday.

    “Anambra is much more than ready for investment. We are investing heavily in security. In the coming weeks and months, Anambra will become one of the safest places to do business,” Soludo said.

    “We are asking people to invest in Anambra not to do us a favour. We are asking people to invest in Anambra in their self-interest.”he stated

    The governor said investments have started rolling into the state, promising to “turn Anambra State from a departure land to a destination”.

    He also reechoed the commitment he made on his swearing-in day as governor in 2021 “to build a state where he would like to live after leaving office”.

    Investigator news reports that the summit, which followed the success of the inaugural event held last year, strived to invite potential investors to support the state’s development initiatives.

    It is aimed at presenting projects that have progressed from conceptualisation to bankability.

  • Naira For Crude Transactions Will Ensure Oil Sector Stability – President Tinubu 

    Naira For Crude Transactions Will Ensure Oil Sector Stability – President Tinubu 

    Felicia Asuquo, Abuja 

    President Bola Tinubu believes the naira for crude transactions will stabilise the oil sector. 

    Tinubu said this on Tuesday in a review meeting with the Implementation Committee on the Naira-based sales of crude oil and refined products.

    “Whatever solution we proffer in crude oil and refined products sales in Naira should not take us back to our experience in the last 40 years,” presidential spokesman Bayo Onanuga quoted his principal as saying in a Tuesday statement.

    “There can be cost and revenue adjustment in the oil sector, but the issue is that the government will not have to go back to the old way of doing things.”

    According to him, using the naira was aimed at removing the exchange rate hurdle.

    He lauded the committee for their efforts and asked the members to resolve any teething problems.

    President Tinubu called on stakeholders in the oil sector to work for the betterment of the Nigerian economy and the living standards of Nigerians.

    He called on them to look inward and consider supplying enough petrol and petroleum products for local consumption to stop the persistent reliance on importation.

    Tinubu advised stakeholders to use Afreximbank as a settlement bank to resolve the naira pricing for crude and refined products. Afreximbank is already on board as the financial adviser, Onanuga’s statement read.

    “The market must determine what we are doing. Once you allow the market to determine the profit and loss, independent marketers and the government side can meet on the worksheet. I want the issues resolved without future waste of time,” the Nigerian president added.

    “We can have energy security, and the motivation for Alhaji Aliko Dangote will not be defeated. It will be more predictable on a medium and long-term basis,” Tinubu said.

    Investigator news reports that during the meeting, the President and Chief Executive of Dangote Group asked marketers to patronise Dangote Refinery.

    According to him, the refinery had over 500 million litres of fuel in reserve after supplying 400 million to the economy.

    “What I estimated as our daily consumption is about 30-32 million litres, that one we can even start producing by next week. That is not really an issue because as we speak today, we have 500 million litres in our tanks. With that even if there is no production anywhere or no import, that will take the country more than 12 days,”  Dangote said.

    “We are very ready, we are more than ready and I am also putting my name on the line that we will be able to supply the market 30 million per day and we are ramping up, so we are ready.

    “So I am expecting that the NNPCL and the marketers should stop importing, they should come and collect what they need. I don’t know if you understand what it means to keep half of billion litres in our tanks, it is costing me money. Every day if I am to collect money I can charge 32 per cent in interest. That is what I am losing. If they come and collect, then you will not see any queue in the filling stations.”h

  • Polaris Bank Retains Undisputable Lead As Nigeria’s Digital Bank Of The Year.

    Polaris Bank Retains Undisputable Lead As Nigeria’s Digital Bank Of The Year.

    Emmanuel lkpeama

    Polaris Bank retains double honours as best in digital laris Bank, Nigeria’s leading digital retail commercial bank, again at the weekend proved its digital dominance in the Nigerian banking industry, winning the most-coveted award as the best in digital banking and the entire ecosystem for micro, small and medium enterprises (MSMEs).

    At the Banks and Other Financial Institutions Awards (BAFI Awards), financial industry’s prestigious awards, Polaris Bank’s trailblazing digital banking platform, VULTe was adjudged the best as “Digital Bank of the Year”, for the fourth consecutive year.

    Polaris Bank was also awarded “Best Bank for MSMEs of the Year”, for the third consecutive year, underlining the bank’s well-known competitive lending and general supports for small businesses and the real sector.

    With the weekend awards, Polaris Bank retains a pride of place as the only Nigerian bank to have won the coveted awards for that long, underscoring the bank’s continuous investments in human and technological resources.

    The BAFI Awards Selection and Review Committee stated that Polaris Bank outperformed industry peers in all key metrics, including strength of strategy for attracting and gaining digital customers, accelerated user engagement, success in getting clients to use digital offerings, growth of digital customers, platform functionality and security.

    BAFI Awards is well-regarded for its empirical and data-driven selection process, a practice that makes the awards, one of the most prestigious independent awards for the Nigerian financial services industry.

    Commenting on the award, Managing Directo/CEO, Polaris Bank, Mr. Kayode Lawal, said the continuing recognition of VULTe as best digital bank emphasises the user-friendly and multi-functional strengths of the digital platform.

    He pointed out that Polaris Bank has seen tremendous market gain in digital transactions and lending with digital lending totaling more than N10 billion in the first eight months of this year, on course to surpass the N12.8 billion recorded for the whole of 2023.

    He said the bank understands the importance of user-experience in online transactions and thus prioritises convenience and safety, with sustained investments in bespoke technologies.

    “We are honoured to receive this prestigious award, recognising our commitment to the digital banking ecosystem. We understand clearly that this consecutive vote of confidence on our capability is a responsibility, and we are doing everything to remain on the cutting-edge of technology and services.

    “We are sure ongoing strategic initiatives will not only sustain our leadership in digital banking and supports for real sector, but also deliver sustainable growth that will firmly entrench our digital leadership across the financial services industry,” Lawal said.

    He commended the organisers of the BAFI Awards, BusinessDay, for their commitment to empirical process.

    A full digital bank that provides fast, convenient, and reliable solutions to banking needs; some of VULTe’s unique features include: QR payments, end-to-end account opening, instant loan request, debit card request, issuance, and activation, without the customers leaving the comfort of their homes, offices or wherever they may be.

    The platform does not just cater to Polaris Bank’s customers alone, but non-customers alike who can also download and enjoy banking services on VULTe. Another key feature is VULTe’s API Banking, which allows merchants and businesses to integrate VULTe with other business critical systems, enabling a portfolio of services including risk assessment, bank statement requests, lien accounts, direct debits and more.

    With its all-in-one solution, VULTe not only caters to individual customers but also SMEs, high net worth and retail customers. It takes few minutes to access collateral-free personal and business loans that enables individuals and enterprises of customer